ORDINANCE NO. BL2004-128
An ordinance amending Title 3 of the Metropolitan Code of Laws relative to employee benefits in order to comply with federal requirements for qualified plans.
WHEREAS, The Metropolitan Government of Nashville and Davidson County, Tennessee Employee Defined Benefit Pension Plan (the "Plan") is sponsored by The Metropolitan Government of Nashville and Davidson County, Tennessee (Metro) for the benefit of its employees;
WHEREAS, Ordinance BL2002-1060, previously adopted, qualified the Plan under the federal tax laws and contemplated that the federal tax laws would require additional changes;
WHEREAS, the federal tax laws have changed, thus requiring changes in the Plan;
WHEREAS, the following modifications were agreed upon as being necessary in order to obtain a valid determination letter from the Internal Revenue Service;
WHEREAS, the modifications below will not impact the benefit calculations made for any Member; and
WHEREAS, this amendment shall supersede the provisions of Title 3 of the Metropolitan Code of laws relative to employee benefits to the extent those provisions are inconsistent with the provisions of this amendment.
NOW, THEREFORE, BE IT ENACTED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
SECTION 1. Chapter 3.30 is hereby amended by adding the following language to the end of Section 3.30.020(e).
Effective for Plan limitation years beginning after December 31, 1994, notwithstanding any other calculations made under this subsection a Member's equivalent annual benefit shall always be the greater of an equivalent annual benefit computed using:
(1) the interest
rate and mortality tables provided for under Section 3.30.040 of the Plan, or
(2) the applicable interest rate and mortality table provided for under Code section 417(e)(3)(A)(ii).
SECTION 2. This ordinance shall take effect from and after its passage, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
Sponsored by: David Briley
|Introduced:||January 20, 2004|
|Passed First Reading:||January 20, 2004|
|Referred to:||Personnel Committee|
|Passed Second Reading:||February 3, 2004|
|Passed Third Reading:||February 17, 2004|
|Approved:||February 18, 2004|